You need to be a premium member. If you are, go here: http://www.geocaching.com/notify/default.aspx
Create a new notification. Name it (something like: New Listing [Traditional]). Select the cache type you want to be notified about, then select publish from the checkboxes. Your home coordinates should already be filled in if you have entered them before. Set your distance (default is 10, I do 25).
To have it texted to you, there are a few ways. You can set the next field, the Send To:, to your phone's email. Check here: http://www.makeuseof.com/tag/email-to-sms/ to see what your carriers is. I have AT&T, so I (used to) have mine sent to 1234567890@mms.att.net
I changed to a better way, though. I now have it sent to my normal e-mail, which is through gmail, and set up a filter for gmail to forward anything with "[GEO] Notify" in the subject line to my phone's email address. This makes it so I save a copy in my gmail and get it on my phone.
I know this is confusing so if you have any Q's just ask.